development1

Archdiocese of Seattle Partners on New Seniors Community

by Nellie Day March 14, 2016

SEATTLE — Columbia Pacific Advisors is entering into a long-term ground lease with the Archdiocese of Seattle and St. James Cathedral to build a 237-unit, 24-story senior housing community in Seattle’s First Hill neighborhood. The community, on a half block of Archdiocese-owned land at 620 Terry Ave., will offer independent living, assisted living and memory care. Columbia Pacific Advisors expects to start construction on the senior living project in 2017, and the project is scheduled to open in 2019. Columbia Pacific Advisors is a real estate investment firm based in Seattle.

March 14, 2016

Nevada Retail Western

Wahlburgers Signs Development Deals in California, Las Vegas

by Nellie Day March 14, 2016

LAS VEGAS — Wahlburgers, a better burger restaurant founded by Chef Paul Wahlberg with celebrity brothers Mark and Donnie, has signed deals with five new franchise groups. The new deals will allow the chain to open more than 30 stores in several major metro markets, including in California and Las Vegas. Since its 2011 debut in Hingham, Mass., Wahlburgers has expanded steadily. To date, 12 area development deals, including in two airports, are in place, committing franchise groups to a total of 118 Wahlburgers locations over the next several years. Eight locations are planned for the Bay Area of California, and a 15-store agreement was signed for the Los Angeles area.

March 14, 2016

Illinois Midwest Office

PREMIER Design + Build LLC Completes Phase II of Chicago Innovation Exchange Project

by Christina Cannon March 14, 2016

CHICAGO — PREMIER Design + Build LLC has completed Phase II of the Chicago Innovation Exchange. The project consisted of renovating the core and shell of the Doerr Building, which houses high-tech facilities for the Chicago Innovation Exchange, an innovation hub for the University of Chicago and other startup companies. The new space features a digital fabrication lab, co-working spaces, new offices and conference rooms. Built Form LLC and Beyer Blinder Belle provided architectural services for the project. TGRWA LLC and Advance Consulting Group International Inc. provided engineering services.

March 14, 2016

Loans Multifamily Northeast Pennsylvania

Radnor Property Group Receives $53.4M in Equity, Construction Financing for 16-Story Apartment Property in Philadelphia

by Amy Works March 11, 2016

PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.

March 11, 2016

Healthcare North Carolina Southeast

Childress Klein, Cambridge Healthcare Solutions Deliver Largest VA Health Care Center in U.S.

by John Nelson March 11, 2016

CHARLOTTE, N.C. — Charlotte-based Childress Klein and Vienna, Va.-based Cambridge Healthcare Solutions LLC have completed the construction of the largest Department of Veterans Affairs (VA) Health Care Center in the United States. The $150 million, 429,000-square-foot property is situated on a 35-acre lot at the intersection of Tyvola Road and Cascade Pointe Blvd. in Charlotte. The developers plan to hold the asset long-term and will remain as the property’s asset managers throughout the VA’s 20-year lease. The Charlotte VA Health Care Center will provide primary care and specialty services for up to an estimated 35,000 veterans enrolled in the VA healthcare system. Departments operating out of the clinic will include cardiology, audiology and speech, mental health, radiology, infectious disease, women’s health, ophthalmology and optometry, dental, gastroenterology, oncology follow-up and physical medicine and rehab, as well as four full operating rooms.

March 11, 2016

California Mixed-Use Western

Jerico Development, Ratkovich Co. Launch $100M Redevelopment of Ports O’Call Village in San Pedro

by Nellie Day March 11, 2016

SAN PEDRO, CALIF. — Jerico Development and The Ratkovich Co. have partnered to revitalize Ports O’Call Village in San Pedro. To be renamed San Pedro Public Market, the project will include a 30-acre retail and dining destination on San Pedro’s waterfront and up to 375,000 square feet of commercial, retail, restaurant, hotel and conference center space. With construction slated to begin in 2017, the first phase of the project will feature 16 acres of restaurants, shops, office and market space, and a waterfront promenade. Additionally, the project will feature outdoor space, including an open-air amphitheater for concerts and family-friendly entertainment. Tim J. Delaney Design and TFO Architecture are designing the first phase of the $100 million revitalization.

March 11, 2016

Healthcare Midwest Ohio

TriHealth, Duke Realty Complete 53,512 SF Expansion of Bethesda Butler Hospital in Cincinnati

by Christina Cannon March 11, 2016

CINCINNATI — TriHealth and Duke Realty have expanded Bethesda Butler Hospital to include 32 new inpatient rooms, six new intensive care rooms and a full kitchen and dining room. In addition to the 53,512-sqaure-foot expansion, the project also involved remodeling 7,569 square feet of the existing hospital space and adding 883 parking spaces. The building was also fortified for a possible third-floor expansion. Bethesda Butler Hospital now totals 90,788 square feet. Duke Realty owns the hospital, which is 100 percent leased to Bethesda Hospital. The facility is part of a larger campus that includes a cancer institute, infusion services, heart institute, digestive institute, sleep center and physical therapy institute. Duke Realty provided contracting services, and PFB Architects Inc. provided architectural services.

March 11, 2016

California Multifamily Seniors Housing Western

Kisco to Add $16M Expansion to Seniors Housing Community in California

by Nellie Day March 10, 2016

ANAHEIM, CALIF. — Kisco Senior Living has announced plans for a $16 million expansion to Emerald Court, a 194-unit independent living and assisted living community in the Los Angeles suburb of Anaheim. The expansion will add a two-story, 58-unit assisted living building as well as a new bistro, fitness center and several landscaped courtyards. In addition to the new construction, Kisco will renovate and expand the common areas and residences of the existing buildings. Kisco plans to break ground on the expansion in June of this year. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.

March 10, 2016

Retail Texas

Regency Centers, CDC Houston to Develop Kroger-Anchored Retail Center in Springwoods Village

by Katie Sloan March 10, 2016

SPRING, TEXAS — Regency Centers Corp., in a joint venture with CDC Houston, is set to develop, own and manage The Market at Springwoods Village, a 170,000-square-foot shopping center located within the master-planned community of Springwoods Village. The center will be anchored by a 100,000-square-foot Kroger, which will offer pharmacy and fuel services, alongside other retail and dining tenants. The project is seeking LEED Silver certification and is set to feature oversized patios and mature landscaping. Construction on the center is scheduled to begin this month, with an opening expected for spring 2017. Springwoods Village is a $10 billion, 1,800-acre community situated along the west side of I-45 in Spring.

March 10, 2016

Multifamily Texas

Aspen Heights Tops Out on 198-Unit Multifamily Complex in Downtown Austin

by Katie Sloan March 10, 2016

AUSTIN, TEXAS — Aspen Heights has topped out on Rise – 8th and Nueces, a 198-unit apartment tower located at 805 Nueces St. in downtown Austin. This project will be Aspen Heights’ first non-student housing development. The 22-story project will feature a rooftop infinity edge pool, deck and lounge, a rooftop dog park and a top-floor fitness center overlooking the State Capitol Building. Aspen Heights worked with local firm Greenstar Development to source the land, fund the project and assist with development. Rhode:Partners is the project’s architect.

March 10, 2016

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